- Google has set aside a grant of $1.6 million to equip 20,000 Nigerian youths, especially women
- The intends to help the government achieve its promise to create over one million digital jobs
- Google has shown its commitment to investing in digital infrastructure across Africa. Last year, they launched a subsea cable to double internet speed across Africa
- Increased digital skills, coupled with improved internet connection and speed, is the perfect marriage to accelerate the growth of Web3 developments in the country.
Google has set aside a grant of $1.6 million to equip 20,000 Nigerian youths, especially women, with digital skills, a move that intends to help the government achieve its promise to create over one million digital jobs. Google Africa executives will offer the grant in partnership with Data Science Nigeria. The program will be facilitated by Creative Industry Initiative for Africa, a resource development company focused on the creative industries in Africa.
Olumide Balogun, West Africa’s Google director, said the technology company would commit funds to create digital skills for young people and women to help startups grow and add to the employment providers’ pool.
Google has shown its commitment to investing in digital infrastructure across Africa. Last year, Google launched a subsea cable to double internet speed across Africa. The pilot project first set foot in West Africa, with Nigeria being top of the countries of interest.
Increased digital skills, coupled with improved internet connection and speed, is the perfect marriage to accelerate the growth of Web3 developments in the country.
Nigeria’s web3 ecosystem
Nigeria has suffocated the web3 limelight of Africa for some time. Hailed as one of Africa’s largest crypto trading countries, it has set the tone for digital currency adoption. This is among the most motivating factors attracting innovators and technology companies like Google into the country.
In Q2 2023, Nigeria approved a blockchain policy (which came as a surprise to the global community) that might revolutionize its adoption rate. This initiative has ignited several new plans that might see the West African country engage more actively in the web3 ecosystem.
Specifics of Nigeria’s blockchain policy
Throughout the years, Nigeria has maintained the top position with the highest crypto trading volume in Africa. A survey revealed that Nigeria experienced a 2,467 percent hike in crypto traders in 2021.
This shocking upsurge in crypto fame initially spurred the government to ban digital currency as a financial product in 2017. Despite that, Nigeria’s crypto community ranked among the top trading volumes globally within the same year. This achievement spurred its government to introduce its Central Bank Digital Currency, the e-naira.
Recently, Chainalysis revealed that Nigeria ranked first globally in searching the term crypto and any related keywords around digital currencies.
Nigeria has a thriving point for crypto trading, leading to the development of the country’s centralized and decentralized exchanges—examples of organizations that trace their roots to Nigeria include NestCoin and BitPay.
Two of Africa’s successful startups, Flutterwave and Jumia, have their home base in Nigeria. Under President Boal Tinubu, the government is steadily warming up to the Nigerian crypto community, evidenced by the creation of their Blockchain policy.
Nigeria establishes a National Blockchain Policy.
The government of Nigeria approved a National Blockchain Policy on May 3, 2023, with the draft stating that blockchain and decentralized ledger technology would facilitate the growth of Nigeria’s digital economy. This new policy has been motivated by the preference of Nigeria as a hub for blockchain-based startups. Its inspiration mainly comes from several successful blockchain-based organizations.
The Federal Executive Council (FEC) approved the Blockchain policy and directed the relevant regulatory body to act on it. FEC further recommended the creation of regulatory frameworks to lead to the proper implementation of blockchain technology in different sectors of the economy.
Nigerian blockchain expert Barnete Akomolafe stated that the Nigerian crypto community will finally thrive without hindrance as the government is encouraging the growth of the web3 ecosystem. From now on, innovators and investors can pull resources without any limitation from the law.
Aside from propelling crypto trading in Nigeria, the new Blockchain policy will open the door for more dApps. The approval of the blockchain policy would support user protection and security and encourage economic competition within the franchise.
Aside from establishing a CBDC, this new Blockchain Policy has ensured Nigeria reclaims its position as Africa’s web3 ecosystem hub.
The success of Web3 in Nigeria
An improved network connection and adding digital skills to the economy will further catapult Nigeria’s web3 ecosystem.
With the establishment of the new blockchain policy, organizations will now operate efficiently within Nigeria. Nigeria has set the pace for other African countries as Africa’s crypto hub. Soon, there will be a ripple effect on neighboring countries.
Nigeria’s dependence on digital and foreign currencies has significantly affected its fiat currency. However, digital currencies have propelled its economic growth. The new policy will give rise to more e-payment systems in Nigeria.